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The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
Ethereum is the platform upon which Dapps are developed. The inception of Dapps (and in turn Erc20 tokens) has birthed a new economy. But with its First-Mover advantage comes a few serious challenges. With a 465% increase in average transaction price between November 28 and December 12, this specific stretch of time was a definitive moment for the world of Blockchain.
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Ethereum ’ s main deficiency is its protocol. Ether is mined using proof of work (POW) — the same protocol used by Bitcoin. With Pos, computers compete to solve mathematical formulas and win the right to confirm transactions into the Blockchain. The two major drawbacks to the POW protocol is the danger of a 51% attack and the massive energy consumption required for network security. If you own 5% of tokens, you can also expect to receive 5%
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The Raiden network is an open source project that aims to serve as an Off-Chain network that facilitates transfers of Ethereum ERC 20 tokens. It Utilises state channel technology, enabling Off-Chain transfers of On-Chain tokens. The transfer itself is immune to double spending, making it as safe as an On-Chain transaction. The more users there are in the network, the higher the throughput will be. As of today, they are still in development with a working preview soon to be released.
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The aim for Ethereum is to scale to thousands of transactions per second in the near future, On-Chain, without master nodes or any other conditions that would hinder its Decentralisation. Sharding is essentially creating a new “world” and many more, without it affecting the Main-Chain. Instead of each Node Verifying all of the data, data t is broken into 3 shards: T1, T2, T3. Instead of individually authorising the entire data t, nodes a, B.
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Plasma pairs smart contracts on the main Blockchain by using fraud Proofs. This technique gives full nodes the ability to De-Validate a faulty chain. This protects the integrity of the main chain. Much like the Raiden network, plasma is a second layer built on top of Ethereum’s core. Vitalik believes this, along with the many other upcoming changes, should revitalise the Ethereum network and boost its longevity.
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New Blockchain projects such as Eos or Cardano are busy developing answers and solutions to Ethereum’s current issues. All Blockchain systems and protocols are hard at work to build a foundation that enables real world use and adoption. Scalability, Interoperability, Andoverall usability are the three key components of a Blockchain’s Adoptability.
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Scalability is a Blockchain’s ability to accommodate as many users as possible on the chain while still retaining low transaction fees and fast consensus. Ethereum and Bitcoin’s Scalability issues stem from their Now-Inefficient consensus protocols. This inefficiency Percolates down to a few major drawbacks. One of those is the Longerblock time. Block time determines how fast and how many transactions can be processed in a set time. 1mb (2000 transactions)
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Interoperability is a protocol’s capacity to interact and cooperate with different Blockchains. It will be the main factor that will help bring Blockchain Tech into the real world. The essence of Interoperability is to eliminate the need for Centralised intermediaries, improve capacities of performance and Scalability, and to connect between private and public chains. The integration of Blockchain technology through Erp and Crm software will most likely be through a number of different Blockchains and not just one. today,
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Many projects are Transitioning from simple Smart-Contract Interoperability, to seamless sharing of information across Blockchains. The Blockchain projects with Interoperability at their core will survive the test of time and adaptability, says Robert McDonald.
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New platforms make developer’s lives easier with functional programming languages, smart contract audits, and Easy-To-Deploy, Customisable Blockchains. The end goal in my opinion is for the end user to not even know they’re using a Blockchain. Blockchain that is easy for developers and user friendly will be Adoptable. If you think you are lazy, those Techies you call developers will crush the stigma you’ve made for yourself. If you think you are lazy,
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There are many more projects that all approach the challenges that Blockchains are facing from different angles. Matrixchain uses ai in some unique ways that ultimately, simplify the user experience. Matrixchain uses a hybrid POW and delegated Pos protocol. Matrixchain integrates ai in some unique ways that ultimately, simplify the user experience. Matrixchain uses a hybrid POW and delegated Pos protocol.
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Supply chain integration allows for rapid and improved Commerce. But there are serious hurdles for Blockchains (let alone a single one) to overcome. Do you think that China and Switzerland will have the same standards for a Blockchain that they both support and approve? do you think that China and Switzerland will have the same standards for a Blockchain that they both support and approve? do you think that China and Switzerland will have the same standards for a Blockchain that they both support and approve?
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Bitcoin was the first. It was exciting. Revolutionary. It was Steve Jobs in his basement, Neil Armstrong walking on the moon, the caveman harnessing fire. It was the first digitally scarce asset. It solved issues that had plagued developers for years. It is the foundation of this entirely new class of assets. However, just like most new, revolutionary developments, its tech is limited and focused solely on transactions. It’s like trying to develop a modern day application on Windows ’98. Not going to happen.
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